Payment tokens in the regulatory crossfire between MiCAR & PSD2/EMD2 (upcoming PSD3/PSR)
Payment tokens are those crypto-assets that are primarily used for payment purposes. The Markets in Crypto-Assets Regulation (“MiCAR”)…
Cloudy with a chance for DORA
ECB publishes consultation paper on cloud outsourcing On June 3, 2024, the European Central Bank (ECB) published a…
Minimum risk management requirements for ZAG institutions – ZAG-MaRisk
On 27 May 2024, the German Federal Financial Supervisory Authority (“BaFin”) published the final version of its circular…
Innovations in PSD3 and PSR from ECON Reports
The proposals for the Payment Services Directive 3 (“PSD3”) and the Payment Services Regulation (“PSR”) continue to take…
Minimum requirements for risk management at ZAG institutions (2)
Update: The ZAG-MaRisk was published on May 27, 2024 after an extended consultation. According to the BaFin’s letter…
The EU Commission’s proposal for PSD3 and PSR – a first overview
On 28 June 2023, the EU Commission presented proposals for a Payment Services Directive 3 (“PSD3“) and a…
The new EU payment service regulation – Kick-off of our PSD3 series
On June 23, 2023, the European Commission published drafts for no less than three regulations and one directive…
Transparency Register and Financial Information Act enters into force in August – Major changes in the Anti-Money Laundering Act (AMLA)
On 30.06.2021, the Act on the European Interconnection of Transparency Registers and the Implementation of Directive (EU) 2019/1153…
Financial Market Integrity Strengthening Act (FISG): What changes does the government draft bring?
In our article “Draft bill on the Financial Market Integrity Strengthening Act (FISG) – Increased controls, more sovereign…
Draft bill on the Financial Market Integrity Strengthening Act (FISG) – Increased controls, more sovereign powers and threats of punishment as a deterrent
On October 26, 2020, the German Federal Ministry of Finance (Bundesministerium der Finanzen – BMF) and the German…
BaFin inspecting general terms and conditions: What do payment and other financial services providers need to be aware of?
When drafting general terms and conditions (“T&C”), the “opponents” are generally your contractual partners as well as consumer…
BaFin Guidance Notice on planned reforms regarding members of management / supervisory bodies (part 2)
In part 1, we provided some background information to the updated BaFin guidance notices entitled “Guidance Notice on…
BaFin Guidance Notice on planned reforms regarding managing directors pursuant to the KWG, ZAG and KAGB (part 1)
BaFin is currently working on updating its “guidance notice on managing directors pursuant to the KWG, ZAG and…
Light and shadow: The revised version of the BaFin guidance note on guarantee business
On 3 April 2020, BaFin published its new guidance note on guarantee business (“New Guidance Note“). In practice,…